CBN  Monetary Committee Retains Interest Rate At 11.5% …To Restructure Commodity Exchange

Godwin Emefiele CBN Governor

The Monetary Policy Committee (MPC) of the Central Bank of Nigeria on Tuesday, at the end of its meeting, announced that the committee unanimously agreed to retain the current Monetary Policy Rate (MPR) at 11.5 percent and retain the Cash Reserves Ratio at 27.5 per cent.

Also retained are the Liquidity Ratio which was left at 30 per cent; and the Asymmetric corridor which was left at +100 and -700 basis points around the MPR.

CBN Governor Godwin Emefiele made this known in Abuja at the end of the first MPC meeting in 2021. Just as he disclosed that the CBN has secured approval from President Muhammadu Buhari to restructure the Nigeria Commodity Exchange.

The CBN governor said the Bank will work with the fiscal authorities to revamp the economy by collaborating on policy implementation.

He said the Bank can no longer sit back and watch unscrupulous commodity merchants hoard commodities and force the prices of commodities to be high.

According to Emefiele, the CBN owns 60 percent of the Nigeria Commodity Exchange and it will take charge of running the exchange to international standard

- Advertisement -First Bank USED